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2026-09-16 15:30:08
【European Gas Prices Hover at Highest Levels Since 2022: Depleted Inventories, Approaching Heating Season, and Unresolved Middle East Crisis】 (1) European gas prices remain near their highest levels since 2022. Traders are struggling to replenish depleted inventories as the heating season approaches and the Middle East crisis shows no signs of resolution. (2) Benchmark futures rose as much as 4% before giving back gains, trading around €81 per megawatt-hour. (3) Europe needs higher prices to attract more seaborne gas deliveries to replenish inventories that are far below seasonal norms. Storage facilities in the region are about 68% full, compared to only 56% in Germany, Europe’s largest energy market. (4) Traders are closely watching German purchases following reports that the government has consulted with state-owned energy companies on supporting gas storage. (5) Concerns about low European inventories are also pushing up gas prices next year. Summer 2027 contracts are more expensive than subsequent winter contracts, with the premium widening to a record high this week. (6) This will make replenishing inventories uneconomical, indicating that summer storage will face challenges for the third consecutive year if global supply remains tight.
